Digital Banking

Digital Banking

Background:

Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.

Conceptualized as a mobile application based solution primarily catering to internet compatible phones ( smart-phone users) , UPI is now available for non-internet based mobile devices ( smartphone as well as basic phones ) in the form of dialing option (*99# ) and is known as USSD 2.0.

*99# service has been launched to take the banking services to every common man across the country. Banking customers can avail this service by dialing *99#, a “Common number across all Telecom Service Providers (TSPs)” on their mobile phone and transact through an interactive menu displayed on the mobile screen. Key services offered under *99# service include, Sending and Receiving interbank account to account funds, balance enquiry, setting / changing UPI PIN besides host of other services.

Product

Pay Request: A Pay Request is a transaction where the initiating customer is pushing funds to the intended beneficiary. Payment Addresses include Mobile Number & MMID, Account Number & IFSC and Virtual ID

Collect Request: A Collect Request is a transaction where the customer is pulling funds from the intended remitter by using Virtual ID.

B. Non-Financial Transactions: UPI support following types of non-financial transactions on any PSP App viz.

Set/Change PIN

Check Transaction Status

Raise Dispute/Raise query

UPI can be accessed on all platforms viz. Android / iOS – The Apps have been developed by members on Android 4.2.2 and above/iOS 8.1 and above platforms.

Maximum limit on transactions

For BHIM UPI: A user can send upto Rs 20,000 per transaction and a maximum of Rs 40,000 per day for one bank account. This limit is available per bank account linked on BHIM.

For other UPI apps: The daily upper limit under UPI facility per Customer is Rs.50,000/- per day for aggregate of fund transfers and the number of transactions is 10 per day. The monthly limit is Rs.3,00,000.

The upper limit on *99# is Rs. 5000 per transaction.

Charges

The Charges for UPI services shall be as follow.

Transaction Amount** Charges

Upto Rs 10,000/- Rs 2 +GST

Above 10,000/- upto 1,00,000/- Rs 4 +GST

Above 1,00,000/- upto 2,00,000/- Rs 12 +GST

** Transaction includes both interbank and intrabank transactions

(Charges shall be applicable to only financial transactions originated from the bank)

In addition, TSP may charge the customer for using *99# service. Please contact your Telecom Service Provider to know the exact charges for using *99# service.

Support Services

For any information/enquiries/disputes, please contact Help desk at 1800-572-9964(Toll-Free) or 7051510170, 7051510173 or mail on [email protected]